On Mon, 05 Apr 2004 12:05:52 GMT, "NOYB" wrote:


"Harry Krause" wrote in message
...
NOYB wrote:

"Harry Krause" wrote in message
...

NOYB wrote:



He's a union member, so buying union-made might be a conflict of

interest?

I think union officials have only one interest, taking as much as possible from
union members. Harry still hasn't addressed this:

The U.S. Dept. of Labor has obtained a consent judgment requiring Wash.,
D.C.-based Trust Fund Advisors (TFA) and Union Labor Life Insurance Co. to
pay $2.4 million in restitution to two Laborers pension funds and civil
penalties to the Labor Department. "The Labor Department's legal actions in
the Union Labor Life Insurance case will restore lost assets to thousands of
union workers," said Secy. of Labor Elaine Chao, "and make clear that those
who manage union funds cannot ignore their fiduciary responsibilities."

The Labor Dept. sued the defendants on March 22, 2002, for violating the
Employee Retirement Income Security Act (ERISA) when they imprudently used
pension assets to purchase and develop a 120-acre tract of raw land in North
Las Vegas into saleable building lots in 1995. The suit also alleged that
ULLICO and TFA failed to properly investigate the merits of the real estate
project and, ultimately, abandoned it in 1997 without selling any lots. The
funds suffered losses when the property was sold in June 1999 for less than
the amount of the investment.

TFA was the investment manager to the two funds sponsored by the Laborers
Intl. Union of N. Amer. - the National Industrial Pension Fund and the Local
Union and District Council Pension Fund. TFA hired ULLICO as a qualified
professional asset manager to handle all real estate investments made on
behalf of the funds. The National Industrial Pension Fund covered 46,508
participants and the Local Union and District Council Pension Fund covered
7,106 participants as of January 2002. The funds had cumulative assets in
excess of $1.1 billion.

The judgment, filed in the U.S. Dist. Ct. in Wash., D.C., resulted from an
investigation conducted by the Philadelphia regional office of DOL's
Employee Benefits Security Admin. [EBSA, 3/15/04]


John H

On the 'Poco Loco' out of Deale, MD
on the beautiful Chesapeake Bay!